Whether you are a marketing executive in a large company or an entrepreneur, you may have noticed a tendency among consumers and wondered,
- Is this the basis of a great new product? Can my brand leverage this for the long term?
- Will this be the basis of my repositioning, or is this a passing fad?
- Moreover, in today's global economy, you may want to know if this trend is local or international, and how it manifests itself across cultures.
Quite simply, trends are more general, longer-developing and longer-lasting consumer tendencies, with roots in various parts of a culture and branches reaching out to similar cultures in other countries. Conversely, fads shoot up more quickly, fade more rapidly and may be limited to particular demographic groups within a culture (Condon, Yousef, 1987). The following provides key characteristics that differentiate trends from fads, along with examples:
1) Links to Broad Sociological, Demographic and/or Macroeconomic Factors
Across North America, Western Europe and large cities in South America and Asia, there is marked rise in demand for high-quality, wholesome prepared meals and individualized convenience foods.
This has not occurred in a vacuum, but is linked to long-term trends such as two career households, rising incomes, and, in some societies, shrinking household size. The globalization of large food companies and food retailers, which offer similar products from country to country, supports the trend Given this broad demographic impetus and global supply, demand for such value-added food products is unlikely to dissipate any time soon, even as particular foods and flavors come and go (Oatey, 2000).
2) Development over Time
A recent U.S. phenomenon provides a good example: Observers have pointed to a pronounced "rise in spirituality" over the past few years, emphasizing individuals finding their own paths versus joining established houses of....
